It is soooo bad it must be written in error. I say just don't buy it and I think it will be corrected after the Chinese holidays.
so interest drops from .8 to .45 the contracts are based on s-5 power use and a 120 day limit.
the v3 will need 95-110 days to pay off and that is paying off .666 most of us will be paid off in 60 days or less from now
the v4 will need 135-160 days to pay off with 0-2% diff growth.
at 120 days they may no longer earn based on s-5 power.
I was wrong interest is .45 I quoted old v3 below.
If the s-4 was based on s-7 power use it would be good. I have to think they meant s-7 power use not s-5.
Hashnest is pleased to announce the latest version of our PACMiC cloud mining subscription! This newest offering, Version 3, offers a cheaper per-terahash price point and higher reward payouts than before.
Hashnest continues to be the world's leading cloud mining platform, and is one of the few cloud mining services to manufacture its own hardware. This significant advantage allows Hashnest to maintain a competitive edge over sites offering similar services. As a trusted supplier of physical mining hardware and ASIC chips, Bitmain & Hashnest are able to supply the large amounts of real hardware required to run such mining operations.
The PACMiC is a cloud mining offering for those who would like lower risk but more predictable and reliable payouts from their cloud mining contracts. PACMiC contracts do not charge a maintenance fee, and do not expire based on the cost of bitcoin. In fact, owning PACMiC is a way to hedge against bitcoin price drops, as PACMiCs give their owners mining revenue payouts even when the price is low.
This latest version of PACMiC
offers users a bonus payment of 0.8 satoshis per second, per bitcoin outstanding until the contract ends.
About PACMiC
Each PACMiC V3 represents one terahash of mining power, and is sold for 0.666 BTC. The contract begins immediately upon completion of payment. Once the contract is in effect, users will immediately begin receiving the mining revenues from 1TH/s of mining power; payouts are according to AntPool’s PPLNS method. Electricity and maintenance fees will be borne
Each time a PPLNS payout is made, it will go towards paying back the 0.666 BTC initial purchase price. Additionally, a bonus payout of 0.8 satoshis per BTC per second is also made to the user. The contract expires when the user has mined the original 0.666 BTC purchase price. In the event that the mining machine becomes unprofitable (calculated using the electricity cost of USD$ 0.098), the contract will be suspended until such time that payouts are able to made again. Unlike regular cloud mining contracts, a PACMiC does not terminate when the bitcoin price falls too low, it just becomes inactive.
A 0.666 BTC PACMiC V3 contract represents 1 terahash of mining power, making the PACMiC V3 the cheapest cloud mining contract yet. Other cloud mining services generally price one terahash of mining power between 1.5 and 2 BTC.
With PACMiC, users no longer need to worry about high electricity fees or soaring difficulty. Mining with PACMiC is less stressful.
PACMiC Details
What is a Payout Accelerated Cloud Mining Contract (PACMiC)?The PACMiC is a value-added cloud mining service product from Hashnest. The PACMiC is an electronic contract structured in a new way. BITMAIN will pay all the maintenance costs of the mining rigs, and all mining revenue will be used to pay back the PACMiC owners. While the principal is not yet paid back in full, it also makes bonus payments to PACMiC owners. When the principal is paid back, the mining rigs continue belong to BITMAIN. Both principal and bonus payments will be made to the contract holder based on the mining revenues of AntPool. Because PACMiC owners do not have to pay for maintenance or electricity on the machines, the payout is accelerated.
Purchasing a PACMiCEach unit of PACMiC V3 will cost 0.666 BTC. Each PACMiC represents one terahash of hashing power. The contract will become active immediately upon receipt of full payment.
Computing principal and profit of an PACMiCAs soon as the PACMiC is activated, payouts will be made through Hashnest in accordance with the mining revenues generated by AntPool’s PPLNS payout method. Reward payments will be made beginning with the first block found by AntPool after the contract’s activation. From the first block until the contract’s expiry, reward payment will be accumulated every second, based on the total amount of the purchase price which has not yet been earned back through mining revenues.
Example: Alice’s PACMiC has already mined 0.166 BTC, so the contract will expire after mining 0.5 BTC more. Alice earns a reward payment of 0.4 satoshis per second based on her outstanding balance of 0.5 BTC. After mining 0.1 BTC more, her rewards rate is now 0.32 satoshis per second.
Profit Calculation MethodOutstanding [not yet mined] coins (BTC) * 0.8 (satoshis per BTC per second) * time to find a block (seconds). For every block found, the remaining mining revenues after the bonus is paid will count towards the outstanding bitcoin.
Please note: information on blocks found will only be transfered to Hashnest.com from AntPool after receiving six network confirmations. Because of this, profit and principal payments will be on a slight delay from the bitcoin network.
Contract SuspensionIf after 120 days, a PACMiC has still not mined back its initial purchase price for the owner, and is not mining enough bitcoin to pay for its own electricity cost (fixed at 0.098 USD per kWh, calculated using AntMiner S5 specs, hashing at 100% uptime on PPLNS method), whether due to difficulty increase or BTC price decrease, the PACMiC will continue paying out for ten days as though it were running, even if the machine is turned off. If these conditions persist for ten continuous days, the contract will be considered temporarily suspended. During the suspension period, mining revenues and profit payments will be temporarily halted. If after the suspension period, difficulty has dropped or bitcoin price has risen, making mining possible again, the contract will be reinstated and continue from where it left off.
Contract ExpiryThe contract expires when the user has mined enough BTC to cover their initial purchase price.
BITMAIN reserves the right to make mining payouts in advance, before the purchase cost has been paid back in full.
FAQ
Q: Can the PACMiC be sold or transferred to other users?A: No, PACMiCs may not be traded or transfered to other users.
Q: Do PACMiCs deduct electricity and maintenance fees?A: PACMiCs do not deduct electricity or maintenance fees, these expenses are covered by Bitmain.
Q: Can I redeem my PACMiC before contract expiry?A: No. The contract will be closed automatically at the time that the initial contract price has been repaid in full. Contracts may not be terminated prior to this, although BITMAIN may exercise the option to make advance payouts of mining rewards.
Q: Does PACMIC offer hardware delivery after the contract ends?No, PACMiC is different from Hashnest's other cloud mining services in this regard. After the contract ends, the machines remain the property of BITMAIN.
Q: If AntPool experiences bad luck, will this affect bonus payments?A: Bonus payouts are calculated using the amount of initial contract price that has not yet been paid back, and are unrelated to the pool luck of AntPool. Changes in pool luck will only affect the speed at which mining revenues are paid. Bonus payouts are earned at a steady 0.8 satoshis per bitcoin outstanding per second.
Q: How can the user make a profit?A: Bonus payouts are calculated using the formula: unpaid principal (BTC) * 0.8 (satoshis per outstanding BTC per second) * time to find a block (seconds). Mining revenue will first be used to make bonus payments, the remainder of mining revenue will then count towards paying back the initial purchase price.
Q:When does the user start to get the bonus payout? Where does the bonus go?A: Bonus payout begins accumulating as soon as the first block after contract activation is found. The bonus is paid directly to user’s wallet on Hashnest.com.
Q: What does the Auto-Rebuy feature do?After enabling the Auto-Rebuy feature, your bonus payout will be used to automatically and incrementally purchase more mining power through the PACMiC.
When the feature is disabled, mining revenue and bonus payouts will continue accumulating inside your account as usual.
Q: If I have auto-rebuy enabled, when do those GH/s expire?Same terms as before -- PACMiC hashing power expires only when the purchase price has been paid back to the owner. If the BTC price drops too low and the contract does not generate revenue, the contract becomes suspended (but not ended) until such time that it may generate revenue again.
Q:When does the contract end?A:When the initial purchase price has been paid back through mining revenues.
Q:Is the PACMiC risk-free?A: Like all forms of bitcoin mining, there is a certain level of risk involved. If the Bitcoin network difficulty skyrockets, or if the price of bitcoin drops too much to cover the electricity fee, the Antminer S5 units backing the PACMiC may not be profitable to run and be forced to go offline, in which case contracts would be suspended (possibly indefinitely) and the user may not recover the initial cost of the miner. The AntMiner S5 is currently one of the most power efficient bitcoin miners available on the market, and would be among the last to be forced to power down under unfavorable market circumstances. All users should do their own research and understand the risks involved with bitcoin mining, and also to understand that there is no such thing as a risk-free product.
